Posts tagged " Real Estate "

September 2014 Market Review

October 21st, 2014 Posted by Market Review No Comment yet

September 2014 saw 8,051 transactions reported in the Toronto Real Estate Board, an increase in sales volume of 11% year-over-year. New listings were up 5.8% (to 15,692), but total available listings were down 5.1% (from 20,194 to 19,165), so there wasn’t enough supply to keep pace with the buyer side of the market. The high pace of activity drove prices up on average by 7.7% over September 2013, to $573,676.

In the condo segment, sales volume in the 416 was up 15.6%, with prices up 9.2%, showing that the condo market continues to be solid.

Basically, it has been a typical fall market: busy. There was a bit of a lull around Thanksgiving, but things seem to have picked right back up. We should see continued activity through at least mid-November, before the market calms down for Christmas/New Years, etc.

Year-to-date (i.e. January to September), total market activity has increased 6.9%, to 73,465 sales for the year. The average selling price for the year is $563,813, an increase of 8.5% compared to the first three quarters of 2013. There’s nothing indicating a slow-down in the fourth quarter, so I expect that we’ll see record numbers in both categories by the time 2014 comes to a close. All in all, the Toronto market is healthy and strong. It’s a great time to buy and/or sell. 🙂

 

Elmer Ave detached home **SOLD**

September 17th, 2014 Posted by Beaches, SOLD!! No Comment yet

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Update: Oct.9.1014 – This is a fantastic listing to kick off the fall market. Located just north of Queen St E in the Beach, it’s a three bedroom, two bathroom, detached house with three car parking and a garage. Features include an upgraded kitchen and bathroom, a wood-burning fireplace (with insert), a walkout from the dining room to a custom deck, and a basement nanny suite. The current owner has done loads of work to the house over the years, including:

  • washer and dryer (2014)
  • roof (2013)
  • kitchen appliances (gas stove, microwave range & fridge), granite counter tops (2012)
  • custom deck (2007)
  • bathroom renovated (2006)
  • furnace (2006)
  • wiring updated (2004)
  • newer windows and doors (front door 2014)
  • upgraded hardwood on main floor

We won’t be hosting a public open house for this great listing, so if you’d like to see it please do get in touch with me directly.

First day of school… and the fall market!

September 2nd, 2014 Posted by Commentary, Market Commentary No Comment yet

After the summer lull (such as it was this year), real estate in Toronto really picks up steam after Labour Day. Basically, the first day of school more or less coincides with the first day of the fall market. This week we’ll see an up-tick in the number of new listings, and that will increase even more next week. Pretty soon we’ll have a lot more selection, but keep in mind that the listings bring out the buyers: it’s going to get hot out there!

Buyers: if you haven’t done so in a while, dust off your mortgage pre-approval and make sure that it’s up-to-date – and don’t forget that you need a deposit, too. In the hyper-competitive Toronto market most listing agents and their sellers are looking for roughly 5% of the offer price.

Sellers: it’s a great time to put your property on the market. I think we’ll get roughly two months of good selling (somewhat weather dependent), but if you have things to do around the house/condo you need to get on that. It you really don’t want to get delayed beyond early November….

I’m here to help folks with their real estate goals, so let me know if I can do anything to help you!

 

New listing: bungalow on Valia Rd **SOLD**

July 7th, 2014 Posted by First-time buyers, SOLD!! No Comment yet

This bungalow is perfect for the first time buyer! Recently renovated (pictures coming soon!), it features 3 bedrooms, 2 bathrooms and 2 kitchens. Improvements include a new upstairs kitchen (granite counters, porcelain tile, brand new stainless steel appliances) and bathroom (new tile and vanity), re-finished hardwood floors and a renovated basement kitchen. The house is freshly painted with new trim throughout.

Set on one of the larger lots in the neighbourhood (56x127ft), the property features a huge back yard and a private drive for up to five vehicles. The back deck has a new railing and is freshly stained.

The local schools are William P Miller PS (K-8) and Sir Oliver Mowat CI. Close to shopping, parks and the TTC! There’s no ‘hold-back’ on offers, so if you want to see this one call me today!

 

 

May 2014 Market Review

June 24th, 2014 Posted by Market Review No Comment yet

May tends to be one of (if not the) busiest months of the real estate year. So, it’s no surprise that TREB reported May 2014 sales volume up 11.4% over May 2013, to 11,079 transactions – a new record for that month.  Intense activity – and on-going competition (‘bidding wars’) – drove up the average price by 8.3%, to $585,204.

In a continuation of the issue that has plagued the Toronto real estate market since the recession, the number of listings declined year-over-year. New listings were down just 0.8%, to 18,931, but overall, total active listings declined by 8.8%, to 20,679 (all houses, condos, etc. in Toronto and the surrounding area). Strong demand in the face of tight supply is what has been driving prices up in Toronto – not speculation, not a ‘bubble’, just plain old supply-and-demand. And, for better or worse, there’s no obvious relief on the horizon. As I have been saying for years, this market is most likely to continue trending upwards for some time to come.

I think it’s worth mentioning that condo sales again increased (5.4% in the 416, 16.1% in the 905), as did prices (7.6% in the 416, to $401,809; and 4.8%, to $307,307 in the 905). That market remains a great outlet for buyers unable to crack the low-rise housing segment. Condos offer a great lifestyle, as well as a chance to build equity and take part in the capital appreciation offered by the investment. Although it likely costs more than renting (on a monthly basis) in the short term, it’s a great foot in the door to the real estate market.

June typically spells the end of the ‘spring market’. However, as I pointed out last month, we seem to have gotten off to a late start this year. After a brief lull for the Canada Day long weekend (it’s not *officially* a long weekend, but loads of people will make it one), the market will carry on through July, albeit perhaps somewhat less frantically. For my part, I have a few buyers who are hoping to make a purchase over the summer, and I hear that there are quite a few listings in the pipeline, so that should make for a good combination. The bottom line is that there will be continuing strong ‘spring market’ activity for the next month or so.

 

 

Fab new Beach Triangle listing: Brookmount Rd semi ** SOLD **

June 9th, 2014 Posted by Beaches, Hot Listings No Comment yet

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Fifty-six Brookmount Road is a gorgeous, renovated home on one of the best streets in the area. The Beach Triangle is known for its attractive red brick homes and mature tree canopy. Set on the western edge of The Beach, the Triangle offers immediate access to everything Beach, but without having to battle the Queen St East traffic. The upper half of Brookmount Rd (as well as parts of Dixon and Columbine Aves.) is extra fortunate to have a ‘secret’ park behind it, formally known as Jeff Sloan Playground.

The house has been extensively renovated, including a new custom kitchen with Ceasarstone countertops, soft-close doors and drawers and LG appliances. The main floor also features wide-plank engineered flooring, pot lights and a family room addition. Sliding glass doors walk out to a custom-designed, two-level deck with access to laneway parking and the parkette.

The home features three sizable bedrooms, each with its own unique features. The master features a wall-to-wall closet system; the middle room a set of lofts for storage and more; the rear bedroom has windows on two sides, and overlooks the parkette. The fantastic main (upstairs) bathroom features a large tub, separate shower, double sinks and heated floors.

From the Triangle you have quick access to both the Kingston Rd and Queen St streetcars, and to the Woodbine bus for a quick ride up to the subway. Wherever you are going, you can get there fast from here! Of course, it’s a short, pretty walk to the shops, cafes and restaurants of Queen St. Local schools are Kew Beach Jr PS, Bowmore Rd Jr & Sr, and Monarch Park CI, St Denis and St John Catholic.

 

April 2014 Market Review

May 16th, 2014 Posted by Market Commentary, Toronto Land Transfer Tax No Comment yet

Sales volume ticked up by about 1.8% in April 2014 over April 2013, despite an 8.4% decrease in the number of available listings. Strong demand in a reduced-supply environment drove prices up by an average of 10.1% (to $577,898) across the GTA market. Not surprisingly, the average days on market also declined year-over-year, from 23 to 20. So, homes are selling faster and for more money…. Who knew!? 😉

The demand is partially seasonal, with the aptly named ‘spring market’ gathering steam. We can count on more listings hitting the market (compared to the recent winter months) and that always draws out the buyers, many of whom have been ‘shopping’ for months – if not years. Additionally, it’s a reflection of the ever-present demand for housing in a healthy, growing city. TREB complains often and loudly (and, of course, rightly) about the Toronto Land Transfer Tax, but not even that clunker can stop the Toronto real estate market.

Although detached houses have been getting most of the attention recently, the resale condo market continues to do well, too. Condo sales in the 416 (exclusive of the 905) were up 3.2%, with prices edging up by 1.8%. (The corresponding numbers in the 905 are +8.2% and +8.1%.) The average sale price for a condo in Toronto is now 384,758.

The late arrival of spring-like weather seemed to delay the onset of the spring market, so I expect that the summer market will be strong, too. You frustrated buyers should try to take advantage of this temporary increase in supply, but if you can’t this time around just hang in there. “Slow and steady wins the race!”

Authentic loft on Carlaw ** LEASED **

May 9th, 2014 Posted by LEASED No Comment yet

I have just listed for lease this fantastic, west-facing unit in the original portion of the Garment Factory Lofts. Open concept with a modern kitchen (stainless steel appliances) and bath, this authentic 1-bed-plus-den loft exudes urban cool. Features include: exposed duct work, restored/polished concrete floors, fluted columns, large warehouse-style windows and a walk-out to the balcony (which includes a gas BBQ hook-up). Located in the heart of Leslieville, from the Garment Factory Lofts you can walk to shops, restaurants, TTC – everything!

The unit includes Ensuite laundry, storage locker, secure bike lock-up/storage, and is available at $2000/month, plus utilities. No pets, no smokers, please. Call me to book your viewing!

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March 2014 Market Review

April 10th, 2014 Posted by Market Review No Comment yet

Sales volume in March, 2014 picked up by 7.2% over March 2013, with 8,081 sales reported by TREB. For Q1/2014, sales were up by three per cent compared to the first three months of 2013. Considering the brutal weather we’ve had so far this year, those are impressive numbers. Expect activity to pick up even more in Q2.

Prices surged by 7.8% for the month, with the average sale in Toronto hitting $557,684. For the quarter, the average sale price was up slightly more, by 8.5%. In the current interest rate environment, housing in Toronto continues to be affordable, but I’m mindful of the potential risk to buyers at the periphery. As I have written before, I don’t like to see increases much above 5-7% (although we are not much above that now), simply because I’m keen to see continued, long-term sustainability. It bears watching. Fortunately, I think that we are already seeing a slight moderating of sale prices, as more supply comes online.

Keep in mind that it’s not impossible to make a purchase for below (even well below) that average price, if one just heads a bit outside the core. There are plenty of great neighbourhoods all around the city. Also, that average price is pulled up by bigger houses and high-end sales. So, don’t worry about it! You may have to make concessions, but that’s actually quite normal.

If you are transitioning from a condo, it’s worth noting that sales volume was up 6.9%, and average price increased 5.1%. That market has always been more stable than reported by the media (not to mention the feds…), but now the direction is pretty clear.

Spring is always an exciting time in real estate, and this year will be busy and fun. If you are a seller, let’s get your house on the market before mid-June, and if you are a buyer, now’s the time to get out and enjoy the broader selection!

January 2014 Market Review

February 10th, 2014 Posted by Market Review No Comment yet

January was a bit of a frustrating month in Toronto real estate. The number of active listings declined from 14,231 in January 2013 to 11,903, a decrease of 16.4%. The number of new listings was to 8,822 down a similar amount (16.6%). This exacerbated the on-going shortage of listings that I have mentioned (many times) before. Inevitably, the result was fierce competition among buyers, and an average sale price of $526,528 – a 9.2% spike. 

The 4,135 sales were 2.2% fewer than last year – so surprise there. January is usually a slow-ish month, often due to cold and/or snowy weather. We’ve had that in spades this year, but that’s not the only reason for fewer sales. It’s that cursed supply problem! Once we get more listings, we’ll see less competition – by which I mean maybe three offers on a house, instead of the dozen or more we’ve seen on numerous houses over the last few weeks! With some luck, we’ll see a few opportunities to buy without competition. I’ve just done an update of my blog about bully offers, which you may want to read….

In all seriousness, though, we should see more listings in the coming weeks, just like we always do at this time of year. It may not be enough to make things much better, but it will happen. Ideally, we’d see the recent price appreciation push a few homeowners to sell now and downsize to that condo, or the cottage, or wherever they’re planning to retire to. That would put supply on the market without adding buyers. It may sound like a pipe dream, but a guy can hope! 😉